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Chapter 11 Disclosure Requirements

Jones Day

New York Bankruptcy Court: Lockup Provision in Proposed Settlement Agreement Violated Bankruptcy Code's Disclosure and...

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A bedrock principle underlying chapter 11 of the Bankruptcy Code is that creditors, shareholders, and other stakeholders should be provided with adequate information to make an informed decision to either accept or reject a...more

Cozen O'Connor

Supreme Court Orders Stand Down on Insurance Neutrality Test for Standing

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On June 6, 2024, the United States Supreme Court issued its long-awaited ruling in Truck Insurance Exchange v. Kaiser Gypsum Co., Inc., et al.,1 nullifying the insurance neutrality test for insurer standing in bankruptcy...more

McGuireWoods LLP

Shifting Gears on Insurer Participation in Chapter 11 Proceedings: U.S. Supreme Court Rejects Longstanding “Insurance Neutrality”...

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Last week’s Privilege Point described an opinion requiring a corporate party’s witness to disclose communications with his Latham & Watkins lawyers, because he confirmed with that firm his own “commercial understanding” about...more

Kennedys

Insurer deemed “party in interest” in insureds’ Chapter 11 case

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The US Supreme Court ruled that an insurer with financial responsibility for bankruptcy claims is a “party in interest” under Bankruptcy Code §1109(b) that “may raise and may appear and be heard on any issue” in a Chapter 11...more

Goldberg Segalla

U.S. Supreme Court Holds that Insurers are Parties in Interest in Bankruptcy Proceedings and Can Object to Reorganization Plans

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Companies faced with numerous mass tort claims, such as asbestos claims, often seek bankruptcy protection. Reorganization plans may include § 524(g) channeling injunctions in which insurance assets are put into a trust to pay...more

White and Williams LLP

Supreme Court Endorses Broad Insurer Standing in Bankruptcy Reorganizations

The Supreme Court reversed the Fourth Circuit Court of Appeals in favor of insurance companies in a unanimous decision written by Justice Sotomayor. In short, the United States Supreme Court held today that insurers facing...more

Seward & Kissel LLP

Crypto Rally, Poor Stewardship, and Ash to Ash

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Collapsed FTX says it can pay most creditors back in full | CNN Business - On Tuesday, collapsed cryptocurrency exchange FTX unveiled its reorganization plan and stated it has recovered adequate funds to pay the majority...more

Troutman Pepper

What Are a Disclosure Statement and a Plan, and What Are the Key Elements of These Documents? – Creditor’s Rights Toolkit

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Disclosure statements and plans contain considerable information, and the most pressing issues for a creditor can vary depending on the nature of the creditor’s claim and its relationship with the debtor. This is determined...more

Jones Day

Business Restructuring Review Vol. 23 No. 2 | March–April 2024

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Established in 2015 as a trusted neutral forum to meet increasing demand for effective transnational dispute resolution, the Singapore International Commercial Court (the “SICC”) is a division of the General Division of the...more

Jones Day

Changes to Confirmed "Toggle" Chapter 11 Plan Required No Additional Disclosure and Voting Where Creditors' Rights Not Materially...

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Even after a bankruptcy court has confirmed a chapter 11 plan, changed circumstances prior to the plan's implementation and "substantial consummation" might make alterations to the plan necessary. If a proposed change is...more

White & Case LLP

Latin America Focus - Fall 2023

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As we embark on our third year of Latin America Focus, the ever-evolving landscape in the region brings fresh opportunities and challenges for local, regional and international businesses. After an extremely positive...more

Ballard Spahr LLP

Second Circuit Affirms Syndicated Loans Are Not Securities

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Summary - The United States Court of Appeals for the Second Circuit upheld on August 24, 2023, a decision from the District Court to dismiss a securities fraud case brought by a Chapter 11 bankruptcy trustee, on the...more

Seward & Kissel LLP

Building Blocks, LTL 2.0 DOA, FTX First Try, and UST Last Chance Saloon

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BlockFi’s Chapter 11 plan progresses with conditional court approval | Cointelegraph - United States Bankruptcy Court for the District of New Jersey recently conditionally approved Blockfi’s disclosure statement. If the...more

Seward & Kissel LLP

BlockFi Full Disclosure? Jenny Don’t Change Your Number, Christmas in July, and Keep On Truckin’

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BlockFi Bankruptcy Plans Opposed by FTX, Three Arrows, and SEC | CoinDesk - Bankrupt crypto lender BlockFi submitted bankruptcy plans which have now been opposed by bankrupt companies FTX and Three Arrows Capital as well...more

Adams and Reese LLP

What Creditors Need to Know About Disclosure Statements in Chapter 11 Bankruptcy Cases

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A debtor’s goal in chapter 11 is to confirm a plan of reorganization. And a creditor’s goal is to maximize recovery under that plan. So, it is critical, of course, for creditors to scrutinize a proposed plan before voting....more

Arnall Golden Gregory LLP

Don’t Rock the Vote, Baby: 11th Circuit Confirms That Materially Adverse Ch. 11 Plan Modifications Require a New Disclosure...

In a detailed and emphatic ruling on January 5, 2023, the U.S. Court of Appeals for the 11th Circuit made it clear that if a pending Chapter 11 plan, after initial plan solicitation and voting by creditors, is modified in any...more

Mintz - Bankruptcy & Restructuring Viewpoints

2022 Amendments to the Bankruptcy Rules

The latest amendments to the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”) took effect on December 1, 2022. This collection of modifications may be broadly divided into two categories: (i) amendments and a...more

Jones Day

EuroResource—Deals and Debt | December 2017

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For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments. Recent Developments - The Netherlands—On 5 September 2017, the...more

Polsinelli

U.S. Bankruptcy Court in Delaware Makes Substantive Changes to Local Rules

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As is customary, on Feb. 1, 2016, the United States Bankruptcy Court for the District of Delaware amended the Local Rules of Bankruptcy Practice and Procedure. This year's amendments, however, are more substantive than in...more

Obermayer Rebmann Maxwell & Hippel LLP

The Third Circuit Affirms the Denial of Third-Party Releases for Lack of Adequate Disclosure

The Third Circuit Court of Appeals recently affirmed the decisions of the District and Bankruptcy Court denying, for reasons of inadequate disclosure, the approval of a third-party release provision in the Chapter 11 plan of...more

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